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Indian markets skid southwards
Thu, 24 Sep 11:30 am

After opening the day on a flat note, the Indian Indices have added to the losses and are currently trading in the red. Sectoral indices are trading mixed with stocks from the banking and capital goods sectors leading the losers. However pharma and IT stocks are trading firm.

The BSE-Sensex is trading down by 85 points (0.3%) and the NSE-Nifty is trading down by 15 points (0.2%). However, the BSE Mid Cap index and the BSE Small Cap index are trading in the green, up by 0.4% and 0.6% respectively. The Indian Rupee was trading at 66.11 to the US$.

Automobile stocks are trading mixed with gains led by Escorts and Bajaj Auto. As per a leading financial daily, country's largest car maker Maruti Suzuki has reported that sales of models with auto gear shift technology have crossed 50,000 units milestone in the domestic market. The company had introduced the auto gear shift (AGS) technology in the country with its small car Celerio. The company further added that, with the aligned goal of selling 2 million cars annually by 2020, it would also aim on bringing these customer friendly technologies in the future. As reported, these AGs vehicles are popular across the country especially in markets like Delhi, Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad and Kochi. Stock of Maruti Suzuki is trading up by about 1.2%.

Mining stocks are trading mixed with Vedanta Ltd and Coal India leading the losses. According to an article in Economic Times, state-owned miner Coal India has said that it will need to acquire an additional 20,000 acres for opening up new coalfields and expanding existing ones in order to achieve its production target of 1 billion tonnes. In all, the company will have to invest nearly Rs 600 bn in land acquisition, rehabilitation and compensation, new equipment and other infrastructure. Due to this, the investment estimates of the company were revised from an earlier figure of Rs 250 bn to Rs 600 bn. The stock of Coal India is trading down by about 2.6%.

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